P7 Genatron Manufacturing Corporation Balance Sheet 2012 2011 Assets Cash $40,00

Question

P7 Genatron Manufacturing Corporation Balance Sheet 2012 2011 Assets Cash $40,000 $50,000 AR 260,000 200,000 Inventory 500,000 450,000 Total current assets 800,000 700,000 Fixed assets, net 400,000 300,000 Total assets $1,200.000 $1,000,000 Liabilities and Equity AP $170,000 130,000 Bank loan $90,000 90,000 Accurals $70,000 50,000 Total current liabilities 330,000 270,000 Long-term debt 12% 400,000 300,000 Common stock, $10 par 300,000 300,000 Capital surplus 50,000 50,000 Retained earnings 120,000 80,000 Total liabilities & equity $1,200,000 $1,000,000 Income Statement 2012 2011 Net sales $1,500,000 $1,300,000 Cost of goods sold 900,000 780,000 Gross profits 600,000 520,000 Expenses: general and administrative 150,000 150,000 Marketing 150,000 130,000 Depreciation 53,000 40,000 Interest 57,000 45,000 Earnings before taxes 190,000 155,000 Income taxes 76,000 62,000 Net income $114,000 $93,000 This problem uses the financial statements for the Genatron Manufacting Corporation for the years 2012 and 2011. a. Calculate Genatron

Explanation / Answer

Hi, Please find the answer as follows: Part A 2012: 800,000

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.